电子行业周报：博通AI业务收入增长超预期

Investment Rating - The report suggests a positive outlook for the electronic industry, indicating a recovery in demand and recommending attention to upstream equipment and materials that are relatively independent of the industry cycle [35][43]. Core Insights - Global smartphone shipments reached 316 million units in Q3 2024, reflecting a year-on-year growth of 4.01%, although this is a decrease from the previous quarter's growth of 7.58% [10][20]. - In October, China's smartphone shipments were 27.88 million units, showing a year-on-year decline of 1.10%, but an improvement from September's decline of 25.70% [11][41]. - Global semiconductor sales in October amounted to $56.88 billion, marking a year-on-year increase of 22.1%, although this is a slight decrease from September's growth of 23.2% [20][24]. - The semiconductor equipment shipments from Japan saw a significant year-on-year increase of 33.46% in October, indicating a positive trend in the semiconductor equipment sector [42]. Market Performance - The report notes that during the week of December 12-18, the Shanghai Composite Index fell by 1.46%, and the electronic industry underperformed the broader market, with the Shenwan electronic index declining by 1.76% [7][12]. - The electronic industry ranked eighth among Shenwan's primary sectors, with a PE valuation dropping to approximately 54.78 times [7][12]. Company Developments - Dongshan Precision announced plans for a targeted issuance of A-shares, aiming to raise up to 1.404 billion yuan to optimize its capital structure and reduce financial risks [5][64]. - Broadcom reported a significant increase in AI business revenue, which grew by 220% year-on-year to reach$ 12.2 billion, contributing to a strong stock performance [12][26]. Industry Dynamics - The semiconductor market is expected to grow by 15% in 2025, driven by demand from AI and high-performance computing (HPC), with memory segments projected to grow over 24% [55][31]. - The report highlights a recovery in the consumer electronics supply chain, with low inventory levels prompting a strong replenishment drive among domestic brands [20][41].